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Xmas, New Year biz hit by cash crunch
Vijayawada: With less than two weeks left for Christmas, traders in Vijayawada are a worried lot.While they are keen to import stock to cash in on the Christmas and New Year buzz, at the same time are wary with cash crunch affecting society at large. The demonetisation move came into force on November 8, has brought the trading activity to a grinding halt.
Vijayawada: With less than two weeks left for Christmas, traders in Vijayawada are a worried lot.
While they are keen to import stock to cash in on the Christmas and New Year buzz, at the same time are wary with cash crunch affecting society at large.
The demonetisation move came into force on November 8, has brought the trading activity to a grinding halt.
Due spiking of high value notes and non availability of new currency notes, customers have stopped shopping.
The otherwise happy December for traders, with good business following Christmas and New Year is turning out to be a sore, for thousands of traders in the city.
The month would see surge in sales of readymade garments, foot wear, watches, fancy jewellery, mobile phones and other products as people like to celebrate the festivals in grand fashion.
Unfortunately, the demonetisation had crushed the trading activity.
Only corporate shops which have branches all over the country are procuring fresh stocks for Xmas and New Year.
The small and medium traders are concerned over the deteriorating business in the city.
First of all, they do not have money to import fresh stocks and they cannot bear the loss, if they fail to sell the stock in the season.
More than 80 per cent small and medium traders are in a dilemma to import new varieties of stock this festive season.
Speaking to The Hans India K Ramesh manager of a corporate unit in Beasant road said that they have procured stocks for Xmas and New Year as they have more than 50 branches in AP and Telangana and they can sell the products in any city, if they could not sell in Vijayawada.
“We are market leaders and have plenty of money to import wide variety of garments,” he beamed.
According to unofficial estimates, more than 90 per cent shops in the city have lost the business as people have stopped shopping.
People are unable to shop as 80 per cent of the ATMs in the city are closed for nearly one month.
Standing long hours in queue lines to withdraw money is not possible to all due to time and work constraints.
Consequently, they don’t have money to buy the commodities particularly, the garments, footwear, fancy items, electrical goods etc.
The New Year season may end as bitter season for the thousands of traders in Vijayawada due to demonetisation.
